DreamStart Labs’ Post

I have observed a significant trend over my 1.5 decades of experience in the #seedsector in Ghana and during my nine (9) years at #LCIC. It is common for many to rely solely on #grants as their primary source of investment capital. Interestingly, some individuals dismiss the idea of taking on debts, assuming that grants provide free capital. However, this mindset can inadvertently hinder their potential for growth and expansion. In navigating between grants and debts, I have often advocated for choosing debts over grants. While this perspective may seem unconventional, it is essential to consider the long-term implications of each option. By opting for debts, individuals can unlock opportunities for scalability and development that grants may not always offer. It's all about strategic decision-making in pursuit of sustainable growth. #LCIC #LegacySquare #Seedbusiness #AECFImpact #LCICImpact

🛺🏍️🚘📞 Smartphone financing, along with strategic asset financing for vehicles like TukTuks and Bodabodas, plays a transformative role in the lives of underprivileged and unbanked communities. This impact is often underestimated when viewed solely through traditional financial or business analysis. In my view, smartphone financing goes beyond being a mere business model—it’s a life-changing initiative that empowers individuals and drives social transformation. #Finance #Financialinclusion #changingLives

𝗗𝗲𝗯𝘂𝗻𝗸𝗶𝗻𝗴 𝘁𝗵𝗲 𝗠𝘆𝘁𝗵: 𝗪𝗵𝘆 𝗦𝗺𝗮𝗿𝘁𝗽𝗵𝗼𝗻𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗜𝗦 𝗜𝗺𝗽𝗮𝗰𝘁 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗶𝗻 𝗔𝗳𝗿𝗶𝗰𝗮 Recently, I've seen claims that smartphone financing in Africa is "just regular consumer lending" and that Africans can "easily access these devices through conventional banks." The data tells a very different story. Let's look at the hard facts: 𝟭. 𝗧𝗵𝗲 𝗔𝗳𝗳𝗼𝗿𝗱𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗚𝗮𝗽 According to GSMA's 2023 report, while mobile broadband coverage has expanded significantly in Sub-Saharan Africa, around 60% of the population does not use mobile internet despite living in areas with coverage. This isn't about network availability - it's about access to devices. A smartphone can cost upwards of 50% of a person's monthly income in Kenya, remaining out of reach for many. Conventional banks often don't serve this segment, creating a significant market gap. 𝟮. 𝗧𝗵𝗲 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗗𝗶𝘃𝗶𝗱𝗲 𝗥𝗲𝗮𝗹𝗶𝘁𝘆 According to the said GSMA's data, while 4G networks now reach around 76% of Africa's population, the technology only accounts for 25% of connections, compared to 60% globally. This isn't about choice—it's about affordability and access to financing. Traditional banking requirements often exclude potential borrowers in informal economies. 𝟯. 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗜𝗺𝗽𝗮𝗰𝘁 𝗘𝘃𝗶𝗱𝗲𝗻𝗰𝗲 Research like "Breaking the chains of poverty: examining the influence of smartphone usage on multidimensional poverty in rural settings" shows that smartphone usage significantly reduced poverty. The impact works through three key channels that directly affect economic well-being: - Education (37.80% contribution) - Labor force participation (29.7% contribution) - Health outcomes (20.40% contribution)  This isn't just about consumer goods—it's about economic enablement. 𝟰. 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻 𝗚𝗮𝘁𝗲𝘄𝗮𝘆 For many Africans, smartphones are their first and only gateway to: - Digital banking services - Mobile money platforms - Online education resources - E-commerce opportunities - Healthcare information M-PESA and other mobile money services see increased transaction volumes with smartphone access. 𝟱. 𝗧𝗵𝗲 𝗚𝗲𝗻𝗱𝗲𝗿 𝗚𝗮𝗽 𝗜𝗺𝗽𝗮𝗰𝘁 Women in Africa are disproportionately affected by a lack of smartphone access, limiting their economic participation. Specialized financing models are helping bridge this gender-technology gap where traditional banks have failed. The "just consumer lending" argument misses the transformative role of smartphones in African development. When a device enables access to education, healthcare, financial services, and economic opportunities - that's not just consumer financing, that's impact investing. Thoughts? Let's discuss in the comments. #FinancialInclusion #Africa #ImpactInvesting #DigitalTransformation #EconomicDevelopment

WednesDay Financials #SmartFinancingOptionsforBusinessGrowth The Bank of Ghana is working to control Non-Performing Loans, which may lead to higher interest rates on loans or perhaps other development which in a long run might not be in the favour of the average young individual. While loans can be beneficial for expanding existing businesses, they might not be ideal for startups. Consider Alternative Investment Options For those just starting out, consider investments like the PruWealth Plan one of the financial solutions of Prudential Life Insurance Ghana This plan offers: - A minimum investment return of ¢100,000 - Insurance benefits - Flexibility to contribute a portion of your income monthly By investing in the PruWealth Plan, you can build and grow your business over time. When the investment matures, you'll have gained valuable experience managing smaller funds, preparing you to handle larger investments. Interested in learning more about the PruWealth Plan? Contact me Sarpong Christopher K. and let's discuss how this investment can support your business goals. Terms and conditions apply. #Financialgoals #Prudentialplc #Faith #Integrity

Surviving economic hardship in Africa, or any continent requires a combination of strategic financial planning, resourcefulness, and community support. Here are some practical steps you can take: 1. Budgeting and Financial Management - Create a detailed budget that tracks your income and expenses. - Prioritize essential expenses like food, shelter, healthcare, and utilities. - Cut down on non-essential spending and look for ways to save on necessities. 2. Income Diversification - Look for additional sources of income such as freelance work, part-time jobs, or starting a small business. - Utilize skills and talents to offer services or products that are in demand. 3. Saving and Investments - Save a portion of your income, no matter how small, for emergencies. - Consider safe and low-risk investment options that can provide some return on your savings. 4. Community and Social Networks - Leverage community support systems such as cooperatives, local savings groups, and community-based organizations. - Exchange goods and services (formerly trade by barter) with neighbors and friends to reduce costs. 5. Cost-Cutting Measures - Buy in bulk and take advantage of discounts. - Grow your own food if possible, or buy directly from farmers to reduce food costs. - Use energy-saving techniques to reduce utility bills. 6. Skills Development - Acquire new skills that can increase your employability or enable you to start a side hustle or business. - Take advantage of free or low-cost training programs and online resources. 7. Health and Wellbeing - Maintain a healthy lifestyle to reduce medical expenses. - Utilize public health services and community health programs. 8. Government and NGO Assistance( If any) - Take advantage of government programs and subsidies designed to help during economic hardship. - Seek assistance from non-governmental organizations (NGOs) that provide support for food, education, and healthcare. 9. Adaptability and Resilience - Stay informed about economic trends and adjust your plans accordingly. - Remain flexible and open to changing strategies as circumstances evolve. By combining these strategies, you can better navigate the challenges of economic hardship in Nigeria and create a more stable and resilient financial situation for yourself and your family.

what if you come from three states in Nigeria?

Breaking Down Barriers to Financial Inclusion At CedisPay, we're driven by a belief that everyone deserves access to financial services that cater to their unique needs. Long before our launch in May 2021, we embarked on a mission to become the world's most customer-centric financial institution, leaving no one behind. To achieve this, we partnered with 1st Klass Research in January 2020 to conduct a comprehensive financial inclusion survey in Ghana. Our goal was to understand the barriers preventing individuals and small business owners from accessing financial services. We surveyed 404 people across Accra and Kumasi, focusing on those without savings accounts or loans, to uncover the root causes of their financial exclusion. Overwhelming Concerns: Repayment and Interest Rates When asked why they didn't have loans, an overwhelming 90% of respondents cited two main reasons: ·       Fear of not being able to repay loans ·       High interest rates We're committed to addressing these concerns through: Responsible lending practices Flexible repayment options Personalized financial guidance And, we're proud to offer the lowest rates in the market! Unlock Affordable Loans with CedisPay: As Low as 1.8% per month Interest! Choose from: *Payroll Deduction Loans at 4% monthly *Pension-Backed Loans at just 1.8% per month Applying is easy: 1. Visit our website: https://cedispay.com.gh/ 2. Click "Read me/Watch me first" to learn about our loan process 3. Choose your preferred loan option and apply online Connect with us across platforms: LinkedIn: https://lnkd.in/g2Bp_N4r Facebook: https://lnkd.in/g8W9WM4r Instagram: https://lnkd.in/g7v6Tc_s Twitter: https://lnkd.in/gKiSWXCk Stay informed with our newsletters: https://lnkd.in/gAcjyU22 https://lnkd.in/gk3Wkw8C Explore our resources: CedisPay's Financial Wellness Blueprint: https://lnkd.in/gTJEdPut Together, we can break down barriers and empower individuals and small business owners to reach their financial goals! #FinancialInclusion #ResponsibleLending #AffordableLoans #LowInterestRates

This week, we hit a huge milestone: over 1 million active smartphone loans in Kenya! Each loan represents a family staying connected, an entrepreneur growing their business, and a community member stepping into the digital age. Beyond the numbers, we're witnessing a movement. When a farmer can check market prices instantly, when a student can access online learning, when a mother can stay in touch with her children - that's the real impact of what we do. One million loans isn't just a metric - it's a million promises kept, a million barriers broken, and a million paths opened to possibility. Through Watu Simu, we're not just distributing phones; we're distributing opportunities, one connection at a time. Together, we're building a more connected Kenya. Here's to the next million stories waiting to unfold. #WatuSimu #LastMileConnectivity #BridgingTheDigitalDivide #Watu4Watu

Financial inclusion and literacy is a big untapped problem for millions of Nigeria's youth. Not that financial services don't exist but the fundamental thinking around money is a core problem. Amidst the trillions of naira moving daily in Nigeria, only a fraction is felt by its citizens- especially young Nigerians from 7-19 years. And yes, I mentioned this category. Reason being this is the formative period where people have beliefs and values around money that shape their adult life. To this effect, BOOK TRACTION has created a money series book aimed at driving financial literacy and freedom for young children, teens and youths in Nigeria. We are calling on Big brands in the finance space Folasade Femi-Lawal (FCA,FCIT,MBA) Folake Ani-Mumuney Emeka Ibe Laurin Nabuko Hainy Andrew Uaboi Kari Tukur Adeoye Ojuroye Amaechi Michael Okobi Ireti Samuel-Ogbu Yetunde Oni Nonso Okpala Yinka Sanni Ugo Nwaghodoh Mukhtar Adam, PhD Olusanya Miriam Babs Ogundeyi Yemisi Edun Tosin Eniolorunda Dr. Cherry Eromosele ( Honoris Causa), (FNIMN),(FEIP) Adia Sowho Olugbenga Agboola Bola Adesola to sponsor the print and distribution of the book to primary and secondary schools within Nigeria. The book enables market penetration via multiple account creation and continuous growing customer base for brands and also social impact in line with UN SDG goals (SDG-8). The next generation of financially free and inclusive citizens deserve this.  Inquiries & sponsorships: booktraction@gmail.com Reposts would go a long way in getting this to decision makers.

Joining Latent Light Zambia SACCO today could be beneficial for several reasons: Financial Growth: SACCOs (Savings and Credit Cooperative Organizations) like Latent Light Zambia SACCO offer members opportunities to save money regularly and access affordable credit. This can be instrumental in financial planning and growth. Community Support: SACCOs are often rooted in the community, providing a network of support and shared goals. Joining Latent Light Zambia SACCO can connect you with like-minded individuals and potentially foster meaningful relationships. Access to Loans: SACCOs generally offer loans at competitive interest rates compared to traditional banks. This could be particularly advantageous for members needing financial assistance for personal or business purposes. Ownership and Governance: By joining Latent Light Zambia SACCO, you become a member-owner of the cooperative, which means having a say in its governance and operations. Education and Training: SACCOs often provide financial literacy training and other educational opportunities to help members improve their financial management skills. Local Development: Joining a local SACCO like Latent Light Zambia SACCO can contribute to the economic development of your community by pooling resources and investing in local initiatives. In summary, joining Latent Light Zambia SACCO could empower you financially, socially, and professionally by providing access to savings, credit, and a supportive community.